Category Archives: Cryptocurrency

Cryptocurrency has grown significantly over the past few years and the market size of cryptocurrency is further expected to reach more than $1080 million by 2026. This technology has climbed sharply and has been gathering attention ever since. As of 2021, 97% of the users in the tire world have expressed their faith and are confident about the digital asset. A few years ago, the business schools too showed disinterest in cryptocurrencies to incorporate them into their curriculum. They did not take it seriously and thought it was just a matter of time before this technology would disappear. But after all this skepticism cryptocurrencies are now becoming a part of business education.

There are over 4000 cryptocurrencies in the market and there has been more than a 90% increase in virtual money since 2013. The first 10 cryptocurrencies themselves make up 88% of the total cryptocurrency market value. The popularity of the virtual currency has grown so much that it has seen an increase in its exchange too. The crypto exchanges of fiat for cryptocurrency and crypto to crypto transactions exceeded 300 as of 2020 between buyers and sellers. The craze of cryptocurrency has gained the attention of the business schools and a rein demand among the students.

Curiosity among the Students

The students of the business schools have shown a huge amount of interest in future payments. With more than 900 new coins in the market every day. It wouldnt be wrong to say that cryptocurrency has now gained a lot of attention. As of now even though there are hardly a few classes available for cryptocurrency there are a lot of students showing interest and trying to enroll in these classes. The amount of interest shown by students toward cryptocurrency creates the need for more classes.

Business students have already started to move their focus from traditional courses to new and upcoming courses in cryptocurrency. They are interested in how technology can help them and enhance the way the functioning of the financial market is done and that is a plus sign for the development of more classes in cryptocurrency.

View of Business Schools

There are more than 6000 business schools in the country and there has been a tremendous. Rise in student demand, the business schools dont want to be dilatory any further they have decided to teach the subject. The business schools that had already decided to teach the subject earlier, even before the digital asset blew have been benefitting from it.

Being ahead of the crypto curve has benefited many just like it benefited the early investors of Bitcoin. Today the number of bitcoins in the market increases every 10 minutes. The main function that business school has been doing for ages is to help find graduates in their field of work. To enable this opportunity for them business school strives and ensure the students are taught the business courses well as these are the mediums through which it will be beneficial for them to find various opportunities after graduation.

Business schools have a strict determination to take the learning course seriously and engrave it in the students of business. As crypto currencys value has increased to around 2 trillion now there sure are job opportunities in there. As cryptocurrency has achieved a huge attention business schools cannot ignore and neglect this course as it is something that will bring revenue and increase employment in the market.

The Business schools are not only trying to focus on the most extensively used crypto Bitcoin but also on all the other aspects like the technology and the principles that come along with it. And since no cryptocurrency can go without a blockchain implementing its essence becomes very important. The decentralized system (blockchain system) uses no third-party systems while organizing the investments and payments in a very streamlined way. It changes all that we do in a centralized system and leads to more growth. This is just the beginning of the types of courses and subjects that the business schools are dealing with at the moment. There is much more research that will be exciting to learn on the subjects of cryptocurrency.

As students come with a lot of eagerness and are more informed about the subject, the business schools which offer specialized PGDM Programs are trying to figure out ways that students can think of it in a revolutionary way. The business schools have to observe and note how much good cryptocurrency can do and how the world of new technology can be life-changing.

Views expressed above are the author's own.

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How business schools are dealing with the rise in cryptocurrency - Times of India

Bitcoin evangelist and Republican Senate hopeful Blake Masters has invested millions into a wide variety of cryptocurrencies. But according to recent financial filings viewed by The Verge, Masters own digital investments have seemingly tanked in value over this past years cryptocurrency crash.

Masters, proteg to billionaire tech investor Peter Thiel, disclosed a dozen different investments into different cryptocurrencies and platforms in a personal finance filing last week. As of August 15th, Masters owned between $600,000 and $1.2 million in Bitcoin alone, a dramatic decrease from the $1.1 to $5.2 million he touted in financial disclosures last year. Masters did not disclose any significant profits from his Bitcoin investment, suggesting a decrease in overall value rather than a potential sell-off.

Amongst Masters current holdings are investments in Bitcoin, Bitcoin Cash, Ethereum, Filecoin, Litecoin, and Tezos. Filecoin and Tezos were the only cryptocurrencies that Masters reported earning interest from this past year, claiming to have made between $1,001 to $2,500 each.

While some cryptocurrencies have started to stabilize and regain value since their June lows, Masters own Bitcoin declines are consistent with the broader crash in cryptocurrency prices over the past year. Bitcoin is still down 60 percent from August 2021, while Masters second-largest holding Ethereum has shed more than half of its market value (Masters Ethereum value range of $250,000-$500,000 did not change year over year).

Masters campaign did not confirm whether his assets had decreased in value but suggested to The Verge on Monday that he used his cryptocurrency investments to loan money to his campaign. Masters only reported between $100,001 and $250,000 in loans as part of his yearly filing last week. A spokesperson for his campaign did not immediately respond to clarifying questions from The Verge.

Masters also disclosed more than $300,000 in book royalties from Zero to One, the Silicon Valley startup guide the Trump-endorsed candidate co-wrote with Thiel in 2014.

Once a candidate formally announces that theyre seeking public office, they are required to file public financial disclosures for each year of their campaign. While the disclosures dont require specific investment totals, candidates must provide an estimated range for the value of significant asset investments, including digital assets like cryptocurrency.

For Masters, who is running to unseat Sen. Mark Kelly (D) for Arizona, cryptocurrency proliferation and federal adoption has become a major part of his campaign platform. Right before the markets began to crash last fall, Masters tweeted that the US government should buy a strategic reserve of Bitcoin, likening it to Fort Nakamoto or the new Fort Knox. Masters has also offered NFTs to people who have contributed the maximum of $5,800 to his campaign and claims that his campaign accepts donations in Bitcoin.

In a May Fox Business interview with Maria Bartiromo, Masters suggested that Bitcoins caving value would only be temporary.

Its not like its only crypto thats crashing, right? Unfortunately, everything is crashing, Masters said in the interview. But its true, cryptos exceptionally volatile. I always tell people to only get involved, only buy Bitcoin if youre ready to buckle up and weather the storm because this is the Wild West.

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Blake Masters' Bitcoin investments tanked in 2022 - The Verge

On August 15, the Federal Reserve Board (Fed) issued final guidelines, outlining the tiered approach it will use when evaluating the growing requests from fintech firms and cryptocurrency companies for access to master accounts. The guidelines make clear that while requests from institutions with federal deposit insurance will be subject to a streamlined review, institutions that engage in novel activities, such as cryptocurrency, will undergo a far more extensive one. More subtle but perhaps most important, the Fed did not change the basic requirement that an applicant has to be a depository institution as defined in 12 U.S.C. Section 461 to be considered an eligible institution, which effectively limits these accounts to insured or uninsured banks, credit unions, or similar institutions.

The new guidelines provide a consistent and transparent process to evaluate requests for Federal Reserve accounts and access to payment services in order to support a safe, inclusive, and innovative payment system, said Vice Chair Lael Brainard.

While the guidelines broadly outline considerations for evaluating requests, the Fed made clear that they are not intended to provide assurance that any specific institution will be granted access. Instead, the Fed will evaluate each request on a case-by-case basis. And, even if access is granted, the Fed is within its discretion to impose additional risk management controls, such as real-time monitoring of account balances, as it deems necessary to mitigate risks.

In a targeted supervisory letter issued the very next day, the Fed cautioned, The emerging crypto-asset sector presents potential opportunities to banking organizations, their customers, and the overall financial system; however, crypto-asset-related activities may also pose risks related to safety and soundness, consumer protection, and financial stability. Given these risks, the Fed announced it is closely monitoring crypto asset-related activities and advised any supervised banking organization to have in place adequate systems, risk management, and controls to conduct such activities in a safe and sound manner and consistent with all applicable laws prior to engaging in such activities.

When the Fed announced its tiered approach in March of this year, a group of trade organizations, including Bank Policy Institute, The Clearing House Association LLC, American Bankers Association, Independent Community Bankers of America, Mid-Size Bank Coalition of America, and Consumer Bankers Association (the Organizations), issued a comment letter, raising significant concerns that the Feds proposal does not appropriately and transparently address how it will resolve many of the issues that an application by a novel charter is likely to raise. Specifically, the Organizations asked the Fed to clarify:

The Organizations went on to state that their concerns stemmed from two key principles. The first being that it is crucial the Fed ensures that the guidelines are applied consistently by exercising ultimate oversight of most decisions involving Tier 2 and Tier 3 applicants. These concerns may still be at play as the final guidelines left many of these concerns unanswered. The Organizations went on to say that [s]econd, given the privileges afforded by access to accounts and services and the risks that could be posed to the payment system, the U.S. financial system and the overall economy, the guidelines should ensure that all institutions with access are held to an equally high standard of supervision and oversight to ensure their safety and soundness and compliance with other relevant laws regardless of charter type or business model. It appears the Fed was also concerned with this factor.

Troutman Pepper will continue to monitor important developments involving the Fed and the cryptocurrency industry and will provide further updates as they become available.

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Under the Feds Tiered System, Requests for Master Account Access by Cryptocurrency Companies Will Be Subject to the Strictest Scrutiny - JD Supra

The world is still struggling to comprehend the geopolitical and human impact of the Ukraine war. With more than 10 million people fleeingtheir homes and 6 million seeking refuge in foreign countries, it's been a time to support a sovereign country under attack.

It has also proven to be the moment where cryptocurrency proved its true value to real people. Not as the high-concept tech toy for the wealthy elite as many had previously dismissed it, but rather as an empowering force for good in a dangerously unstable world.

When the Russian invasion began in February, Twitter accounts belonging to the Ukrainian government posted pleas for crypto asset donations. Now, as more than $100 million in crypto donations have already been raised to support the Ukrainian resistance, those of us who have championed crypto as a way of giving ordinary people rather than corporations and governments control over their own money have been vindicated. While the banking financial system has been under sustained attack by Russia, using both military and cyberattacks, this life-saving money has gone directly to those in need via crypto.

Ukraine took a number of measures in an effort to stabilize the banking sector and protect the countrys economy, including suspending foreign cash withdrawals, limiting how much currency can be withdrawn, and banning cross-border forex transactions. Consequently, Ukrainians are turning to borderless and trustless crypto to enable them to either survive in or flee from the war zone.

Related:The Ukraine invasion shows why we need crypto regulation

We can now see the value of having somewhere safe to store money in a time when the traditional financial system is under threat a completely separate payment infrastructure that can step in and pick up the slack if the current infrastructure is destroyed in a black swan event. Whether it is a state destroying our ability to pay for goods and services or even a major cyberattack, the blockchain provides a vital backup to halt the destruction of entire economies.

We have witnessed digital currencies being used to quickly transfer cash to those in need from relatives abroad, enabling fleeing refugees to buy crucial goods and services when there is no cash in their ATMs after critical infrastructure has been decimated by relentless Russian attacks. Anyone with a mobile phone and internet access which has been bolstered by the thousands of Starlink satellite internet dishes generously provided by Elon Musks SpaceX can access their funds via crypto wallets.

Crypto averting sanctions? Think again

Digital currencies have not only shown their worth in helping desperate Ukrainian refugees but also in preventing sanctions from being averted. Contrary to speculation at the onset of the conflict, desperate Russian oligarchs have discovered that crypto is not the safe haven for their funds that they had hoped.

As the United Kingdoms independent crypto industry association, we called on all of our members and the wider crypto community to take all necessary steps to enforce economic sanctions against Russia through engagement with professional compliance teams, blockchain analytics companies, the National Crime Agency and government experts in illicit finance.

Contrary to the outdated image of crypto as a digital currency favored by criminals, every transaction on the blockchain is, in fact, publicly available, providing a secure and transparent record on a ledger that anyone can see. This publicly available information means that exchanges can use transaction monitoring tools to trace the source of the funds and flag what is coming from blacklisted, sanctioned sources.

The list of blacklisted addresses is in the public domain, which means that exchanges can not only identify and block sanctioned names but also prevent them from opening accounts in the first place.

Lack of liquidity

Contrary to some speculation, if Russia wanted to evade sanctions by converting fiat currency into crypto today, it would be extremely difficult because there is insufficient liquidity in the market to support exchanging its fiat for cryptocurrency at a sufficient scale.

If an oligarch is attempting to convert $1 billion into crypto, they would find that this vast amount of digital currency is simply not available in one place because it is scattered across thousands of marketplaces.

Building digitally from ground zero

The legacy systems upon which our financial markets stand are not going anywhere, and quite rightly, because governments around the world value the safety, predictability and security they offer. But if we could start from scratch, it is likely that we would turn to blockchain technology, which is at the cutting edge of financial technology thanks to its superior efficiency. It does away with all the intermediaries, reduces the time to settle, increases the global reach for sending payments, and reduces costs.

Related:Ukraine has received $37M in tracked crypto donations so far

Big payment providers, which connect the banking world with merchants, have already embraced crypto, providing the ability to pay with digital currencies as an alternative to paying a credit card charge. The cost of these transactions has increased significantly in recent years, and if a company is turning over tens of millions of dollars per year, 2% is a lot of money. If they have another way to pay using crypto for a fee of less than 1%, it is a better choice.

Ukraines financial infrastructure may emerge from this tragic war at ground zero, and we may soon witness a modern society rebuilding its economy with a strong blockchain technology element built in. As the shockwaves of this tragic conflict resonate around the world, crypto has risen to the challenge and proven itself a vital source of both financial stability and accountability.

The views, thoughts, and opinions expressed here are the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Ian Taylor is the executive director of CryptoUK, an independent industry body that exists as a cohesive, credible voice for the evolving United Kingdom digital assets industry. Having spent 20 years in investment banking, he has held many senior roles across trading, treasury and risk management, and is still involved with a major global bank. In his role he has built a community of more than 100 of the most influential industry participants and campaigns for a fit-for-purpose regulatory framework in the U.K., Europe and beyond.

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Ukraine has shown the value cryptocurrency offers to real people - Cointelegraph

Uniswap's UNI/USD price has decreased 5.18% over the past 24 hours to $6.79, continuing its downward trend over the past week of -21.0%, moving from $8.6 to its current price.

The chart below compares the price movement and volatility for Uniswap over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has tumbled 22.0% over the past week along with the circulating supply of the coin, which has fallen 0.07%. This brings the circulating supply to 456.49 million, which makes up an estimated 45.65% of its max supply of 1.00 billion. According to our data, the current market cap ranking for UNI is #27 at $3.09 billion.

Powered by CoinGecko API

This article was generated by Benzinga's automated content engine and reviewed by an editor.

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Cryptocurrency Uniswap Decreases More Than 5% Within 24 hours - Benzinga

If investment was a poker game, a hand populated with cryptocurrency would not be considered akin to a royal flush in 2022. Indeed, the cryptocurrency market has seen a catastrophic fall since June 2022, from its dizzying heights that saw millionaires seemingly made overnight. Anyone buying at the top of the late-2021 peak might currently be feeling as if theyve been dealt a pair of twos.

For the betting man or woman, the combination of a falling valuation, numerous horror stories of life savings being frozen in the accounts of crypto companies such as the Celsius Network, a now bankrupt crypto-lending company governmental intervention such as Chinas ban on crypto mining, and the general volatile and unpredictable nature of the crypto beast, makes an investment into cryptocurrencies less than appealing.

Regardless, following a crash that saw cryptocurrencies lose approximately $1trn in value a 70% drop from its high in November 2021 the market cap (total value of cryptocurrency) rose by $280bn in July 2022, hinting that a recovery may be in its early stages. Furthermore, July 2022 saw the longest run of sustained weekly net inflows for tracked crypto assets since March 2022, according to CoinShares, a crypto asset management group.

Alongside this, many experts have refused to classify the crypto market as dead. So why, when the high-risk nature of crypto investing is so baked into the asset class, is crypto still an investment worth considering?

It is important to note that alongside the fall of cryptocurrency, there has been a colossal crash in the global stock market, with the first half of 2022 representing the worst six-month run in more than 50 years.

Even though cryptocurrencies sit within a decentralised system, the crypto investor is still vulnerable to the same shocks as the traditional stock market: inflation, energy pricing and the Covid-19 pandemic to name but three. Therefore cryptocurrency isnt much of an outlier to its traditional investment counterpart.

The key difference with cryptocurrency is a lack of built-up trust, particularly with companies that act like crypto banks. There have been numerous crypto lending companies that have folded and filed for bankruptcy for example, Japans Cred in 2020, and Canadas Voyager Digital and the aforementioned Celsius Network in 2022 but not before breaking trust with investors and shaking the foundation that many crypto believers were building their Bitcoin-powered dreams on.

The crypto market and the futuristic, decentralised, internet-based eco-system in which it sits are still very much in their infancy stage. The comparison is often made between the crypto market now and the internet back in the early 1990s, when Ask Jeeves was still the search engine of choice.

Cryptocurrency is often romanticised as being the beginning of a fairer digital economy. In the same way that the internet went on to change the world and become necessary to the majority of the global population, many staunch believers expect crypto to fulfil a similarly weighty prophecy.

However, unlike the ostensibly unlimited internet, some cryptocurrencies particularly Bitcoin are finite in supply, meaning that the opportunity to mine and become the first owner of fresh bit is a limited offer.

It is this pressure that has pushed many investors to hedge their bets in cryptocurrency, despite the red flags that keep on fluttering in the distance. It is also this urgency, pushed by crypto lenders when advertising to potential investors, that has perhaps made this crash so painful, particularly to amateur investors.

In fact, cryptocurrency has been synonymous with less risk-adverse, younger investors since its inception. A CivicScience Survey from March 2022 found that 71% of cryptocurrency investors are under the age of 45. Furthermore, in in the first quarter of 2022, 21% of investors were aged between 18 and 24.

An anonymous twenty-something cryptocurrency investor explains: The investing that our parents did, such as real estate or saving accounts with banks, or even stocks, doesnt have as much appeal to my generation. That low-risk kind of investment does not hold the rewards it once did, so I think young investors or amateur investors such as myself are more drawn to the high-risk investment of crypto. But its also about the ideology behind it. I think breaking away from a centralised system is a message that really speaks to my generation.

When asked for his advice on how to protect your investment in crypto, the investor said that keeping funds in a cold wallet a physical device such as a USB hard drive that keeps your cryptocurrency offline is crucial.

Theres a saying about keeping your crypto in these lender accounts, not your keys, not your coin, says the investor. Were seeing the repercussions of investors who were enticed by these lender companies that offer interest and its devastating, so its smart to keep your crypto in your own control.

Treating cryptocurrency with respect, while acknowledging that it is a high-risk investment, is crucial to playing the game. The volatility of the asset means that while crashes occur, the possibility of future bull runs extended periods of rising valuation cannot be ruled out.

Furthermore, the idealistic symbolism of a yet materialised, decentralised digital future holds merit for many, and that makes cryptocurrencies worthy of serious consideration.

However, the ethical issues around mining cryptocurrencies are still to be resolved and until that crease is ironed out, its an investment Id approach with trepidation.

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Is cryptocurrency worth the risk in 2022? - Investment Monitor

The Italian Revenue Agency in a circular clarifies doubts regarding the income tax return from cryptocurrency, in case the platform is Italian.

From a regulatory and especially fiscal point of view, there is still some confusion or at least a lack of clarity on what is the methodology for income tax return in regards to cryptocurrency trading.

The Revenue Agency with Notice 956-448/2022 seems to have clarified at least one point about the declaration of the Rw form. Regarding investments abroad, it was thought it should also cover those in cryptocurrencies, but the agency clarified that if the investments are made through an Italian platform there is no obligation to fill out the Rw form.

The fact that it is so difficult to arrive at a clear fiscal discipline regarding cryptocurrencies is determined by the fact that in Italy, as in many other countries, there is still no clear regulation of the cryptocurrency world. In 2020, Consob President Paolo Savona had expressly spoken of the no longer pressing need to create clear regulation for the cryptocurrency market. But this call two years later has practically remained a dead letter.

At present, as many accountants explain, the tax framework applied to cryptocurrencies derives more from interpretations of practice, supported by some jurisprudential backing, which, however, can hardly be confirmed by jurisprudential rules, lacking precisely a precise and clear regulation of the cryptocurrency market.

The Revenue Agency, with Resolution 72/E/2016, supported by the EU Court of Justice ruling Case C-264/14 of October 22, 2015, decided to assimilate cryptocurrencies to foreign currencies. But this interpretation, as seen, has been subjected to precise and clear exceptions that undermine the taxpayers clarity, creating difficulties in completing the income tax return from digital currencies.

Simplifying, according to the 2016 resolution, capital gains from the forward sale of cryptocurrencies constitute miscellaneous income of a financial nature, subject to a 26% substitute tax, if the amount held by the taxpayer exceeds the amount of 51,645.69 euros for seven continuous business days during the year. Again, needless to say, confusion reigns supreme in the taxpayer and leaves room and scope for different interpretations regarding the difficulty of calculating the average holding in ones digital wallet.

This new circular from the tax agency seeks to put a modicum of clarity to a matter that continues to remain shrouded in the maze of subjective interpretation since it becomes very difficult to calculate a digital currency in the same way as a foreign income. But until a regulatory framework is finally transposed, not only at the Italian level but at the EU level, everything will continue to be very nebulous and questionable from both a regulatory and a tax perspective.

Related postsMore from author

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No declaration in the Rw framework for cryptocurrency income - The Cryptonomist

Created on the Ethereum blockchain in May 2021, CUMINU token seeks to combine the best attributes of the major adult sites with the convenience of an entirely cryptocurrency-based platform. A decentralized platform that runs on the blockchain gives creators confidence their funds are safe.

CUMINU released a beta version of their 18+ platform in July 2021 that quickly gained over 1,000 fans and saw the token reach a US$40M valuation. The project hosted 18 creators over 6 days for a major community event. After months of testing and market research CUMINU decided to pivot away from just streaming and include static content, noting that up to 50% of onlyfans's revenue comes from subscription services.

CUMINU is currently developing itsnext-generationn platform, investing 6 figures into the build. Named Cummuniti, the platform will focus heavily on providing quality subscription and messaging services as well as instant payments for creators. The prototype version is due in September 2022.

CUMINUs Cummuniti adult content platform opens up an unlimited number of possibilities for content creators in adult entertainment, while an increasing number of individuals are investing in cryptocurrencies around the globe. The desire for adult content remains a constant in every economy and Cummuniti is combining the best features of both to revolutionize the industry.

CUMINU is currently trading at a market valuation of US$1.8M, making it potentially appealing should it return to previous highs on the launch of their Cummuniti platform in September 2022.

#FeaturedBy: Safari Offers

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CUMINU is innovating the adult entertainment industry with cryptocurrency - Pulse Ghana

Bitcoin price surged above the $25,000 level for the first time since June 13, as momentum continued from a cooler-than-expected US inflation data and progress toward Ethereums big upgrade. The world's largest and most popular cryptocurrency Bitcoin was trading over a per cent higher at $25,200. The global crypto market cap today was above the $1 trillion mark, even as it was almost flat in the last 24 hours at $1.23 trillion, as per CoinGecko.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, rose nearly a per cent to $2,004. Ether surpassed $2,000 on Saturday for the first time since May 31 amid optimism about completion of its blockchains much-anticipated software upgrade known as the Merge, which is now likely to happen around Sept. 15, according to network co-founder Vitalik Buterin.

The Merge represents a transition in how Ether tokens are minted and transactions are validated, away from mining blocks using complex computational puzzles under the proof-of-work method and toward proof-of-stake. Under the POS method, Ether holders can sign up to validate transactions on Ethereum based on stashes of locked up tokens.

Meanwhile, dogecoin price today was trading more than 10% higher at $0.08 whereas Shiba Inu also surged over 34% to $0.000017. Other crypto prices' today performance were mixed as XRP, BNB, Litecoin, Tether, Tron, Avalanche, Stellar, Polygon prices were trading with gains over the last 24 hours, Uniswap, Apecoin, Polkadot, Chainlink slipped.

Crypto struggled through the first half of the year as the Federal Reserve hiked rates to combat stubbornly high inflation, with the prices of Bitcoin, Ether and other tokens falling by more than 50%. Following the collapse of a major pair of tokens, some cryptocurrency lenders froze customer withdrawals, and several crypto firms have cut jobs. Prices have partly recovered, with bitcoin gaining 17% in July.

With US inflation data coming in below expectations in the past week, risk assets like the Nasdaq 100 Index have advanced, helping foster gains in crypto, which has been strongly correlated with that stocks gauge for months.

(With inputs from agencies)

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Cryptocurrency prices today: Bitcoin rises above $25,200, highest since mid-June | Mint - Mint

Bitcoin is struggling at the $24,000 level after finding its perceived low for the cycle in June and going on to rise more than 20% in July, for its best month of the year. The cryptocurrency rose above $24,000 twice this week. It also touched that level at the end of July, but was unable to hold there before retrying this week. However, while a breakout above that mark could open the gates for bitcoin to test the next leg up, it doesn't necessarily have lasting implications, technical analysts say. "I think $29,000 will be very, very difficult for bitcoin to take out on the upside," Julius de Kempenaer, senior technical analyst atStockCharts.com, said this week. "Sellers came in around $24,500 last month and the buyers were not strong enough to push it beyond that $24,500. If that happens, it would be a short-term positive, but you've got to see it all in the light of the big break down." Bitcoin did climb as high as about $24,700 at one point Thursday, though momentarily, as investors digested two better-than-expected inflation reports. It found its low in June, at $17,601.58, according to Coin Metrics, and then went on to the big comeback in July. Since then the crypto world has had plenty of good news to keep investor sentiment high from positive inflation readings and Federal Reserve updates to BlackRock offering investors bitcoin trading, to the successful trial runs of the Ethereum Merge scheduled for September. Still, there could be a lot more pain on the way after this current rally, the technical analysts say, and it's still too soon to call the bottom. "Bitcoin is weak after completing that massive drop," de Kempenaer said of the cryptocurrency's 70% peak-to-trough decline this year. "All the upside that we are currently seeing is taking place in recovery, so we're going counter trend, and those are dangerous rallies because they're very fragile." If bitcoin breaks above $24,000, the upside potential would be limited to about $20,000, he added. On the downside, if bitcoin falls below its June low, it could continue down to $12,500. Bitcoin "is long-term oversold but needs support discovery and improvement in long-term momentum to suggest a major low has been made," according to Fairlead Strategies' Katie Stockton. Mid-September could be a significant turning point for bitcoin, Youwei Yang, director of financial analytics at StoneX, said. For him, $25,000 is the key resistance level for bitcoin. If it can notch that, there's potential for a "near-term summer rally" up to the next key level to test of $28,000, he said ahead of the Federal Reserve's Sept. 21 meeting and the Ethereum merge, which is currently scheduled for the middle of September. Still, Yang said after the midterm elections he expects to see much more pain extending through at least the beginning of 2023.

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What's next for bitcoin as the cryptocurrency wrestles with $24000 - CNBC